Glacier Bancorp Inc (GBCI) has reported a 5.20 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $31.04 million, or $0.41 a share in the quarter, compared with $29.51 million, or $0.39 a share for the same period last year.
Revenue during the quarter grew 7.36 percent to $107.42 million from $100.05 million in the previous year period. Net interest income for the quarter rose 5.99 percent over the prior year period to $80.54 million. Non-interest income for the quarter rose 14.50 percent over the last year period to $28.01 million.
Glacier Bancorp Inc has made provision of $1.14 million for loan losses during the quarter, up 177.13 percent from $0.41 million in the same period last year.
Net interest margin was stable at 4.02 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 55.08 percent from 56.52 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“The fourth quarter represents a strong finish for Glacier Bancorp and completes a very good year,” said Randy Chesler, president and chief executive officer. “Our 13 Bank divisions and the supporting staff groups did an excellent job staying focused on the customer and delivering top quality results- led by record earnings, strong loan growth, stable margins and good credit performance,” Chesler said.
Liabilities outpace assets growth
Total assets stood at $9,450.60 million as on Dec. 31, 2016, up 3.98 percent compared with $9,089.23 million on Dec. 31, 2015. On the other hand, total liabilities stood at $8,333.73 million as on Dec. 31, 2016, up 4.01 percent from $8,012.58 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $5,554.89 million as on Dec. 31, 2016, up 12.24 percent compared with $4,948.98 million on Dec. 31, 2015. Deposits stood at $7,372.28 million as on Dec. 31, 2016, up 6.15 percent compared with $6,945.01 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $2,041.85 million or 27.70 percent of total deposits on Dec. 31, 2016, compared with $1,918.31 million or 27.62 percent of total deposits on Dec. 31, 2015.
Investments stood at $3,126.70 million as on Dec. 31, 2016, down 6.40 percent or $213.63 million from year-ago. Shareholders equity stood at $1,116.87 million as on Dec. 31, 2016, up 3.74 percent or $40.22 million from year-ago.
Return on average assets moved up 1 basis points to 1.33 percent in the quarter from 1.32 percent in the last year period. At the same time, return on average equity increased 16 basis points to 10.82 percent in the quarter from 10.66 percent in the last year period.
Nonperforming assets moved down 10.86 percent or $8.69 million to $71.38 million on Dec. 31, 2016 from $80.08 million on Dec. 31, 2015.
Equity to assets ratio was 11.82 percent for the quarter, down from 11.85 percent for the previous year quarter. Book value per share was $14.59 for the quarter, up 3.11 percent or $0.44 compared to $14.15 for the same period last year.
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